April 24, 2009

Iraq oil minister visits Tehran

Iraqi's oil minister is visiting Tehran for three days of talks on how the neighboring countries can develop oil fields that lie under both countries.

The talks between Oil Minister Hussein Shahristani and his Iranian counterparts will focus on areas of bilateral exploration and development of shared oil fields and joint investment in refineries, Azzaman reported Friday.

Shahristani is also seeking cooperation with Kuwait and Saudi Arabia, with which it alos shares oil fields, in part to ensure that their neighbors with stronger development capabilities do not tap those fields at Iraq's expense.

Iran is Iraq's largest trading partner with trade valued at $5 billion a year.

Currently, trading runs strongly in Iran's favor, Azzaman reported.